For Individual, HUF, AOP, & BOI Rs. 1,10,000
For Women ( below 65 years of age) Rs.1.45,000
For Senior Citizen
( both Male and Females and
above 65 years of age) Rs.1,95,000
Additional Secondary & Higher Education Cess @1% on Income Tax and Surcharges shall be levied on all assesses. [Educational Cess - 3%]
Surcharges of 10% on all items, Domestic Companies and other than Domestic Companies 2.5% shall now be levied only when taxable income exceeds Rs.1 crore.
Dividend Distribution Tax has been raised from 12.5% to 15% on dividend distribution by companies.
Banking Cash Transaction Tax has been raised the exemption limit for Individual and HUF’ from Rs.25,000 to Rs.50,000
Medical Insurance Premium u/s 80D has been raised from Rs.10,000 to Rs.15,000 and from Rs.15,000 to Rs.20,000 for Senior Citizen.
Service Tax Exemption rebate for small service provider has been raised from Rs.4,00,000 to Rs.8,00,000.
Section 36(1)(viii) will be available to special entity in respect of bad & doubtful debts.
5 Years holiday from Income Tax for 2,3, or 4 stat hotels.
Dividend by mutual funds attracting Dividend Tax raised to 15%